How You Can Capitalise On Your Renovations & Add Value To Your Home
Follow along as we explore some strategies and tips you can employ to help you capitalise on your renovation.
Adding Value To Your Home
For the majority of people, our home is our most valuable asset, with many Australian’s choosing to renovate their homes rather than sell. In saying this, it is essential to make smart renovation decisions and consider whether your renovation will add value to your home in the long run. So how can you make the most out of your renovation, to suit your needs right now, while helping to increase your homes value when it comes to selling.
While you may not be planning on selling your home soon, it is important to consider what features can add value to your home for the future. We will explore some strategies and tips you can employ to help you capitalise on your renovation and home needs.
3 Tips To Add Value To Your Home When Renovating
Tip 1: Plan For The Future
Our client’s often renovate with the intent of living in their homes for an extended period of time. Often a priority for our client’s when renovating is to create a home that is functional, comfortable and suits their current or future needs for themselves and their family. It is important to consider whether the renovations you are completing now will add value to your home or add appeal to a wide range of buyers if you were to sell in the future.
There are certain areas that you can improve that will help you to capitalise on your renovations. Upgrading your kitchen, bathroom, outdoor living areas or adding an additional bedroom are great ways to add value to your home now and for the future. Additionally, moving towards a greener and more sustainable future, creating homes that have increased efficiency and reduced energy bills are becoming more popular.
In essence, while it is important to create a home that is well suited to you and your families needs, it makes great financial sense to consider strategic additions and changes to your home that will help appeal to potential buyers when it comes to selling your home in the future.
Tip 2: Understanding The Value Of Your Property
Understanding how much your property is currently worth, how much it has increased in value since you purchased it and the value of similar renovated or un-renovated properties in your area, can be a great way to establish a budget. This can help determine a projected budget for your home renovations, and help you establish the potential value of your home post renovation.
Talking to a reputable realestate agent can help you assess your property’s value. Additionally, it is important to consider the holding time that you have your property (for example 5-10 years), as you will typically see a capital appreciation in the value of your home over an extended period.
Our team at Oztown can help you establish a reasonable budget for the works you are wanting completed and help provide advice on what areas may be beneficial to renovate within your home, to help you capitalise on your renovation.
Tip 3: The Importance Of Design & Layout
A great layout and design can add value to your home. Ensuring that the layout of your house has flow and functionality between the different zones is beneficial. Consulting professionals such as architects or building designers can help draft up plans and design a layout and internal restructure for your home that is functional.
Working in collaboration with an interior designer may also help to capitalise your renovation by creating zoning of home areas based on their function and flow to achieve a cohesive and considered design throughout the home.
How Oztown Can Help
We understand the importance of not overcapitalising when renovating and the importance and value our client’s place on their home. For that reason we help find the best option for our client’s to get the most current and future value out of their renovations, while aligning with their current home needs and budget constraints. If you would like to explore how you can get the most value out of your home renovation, our team of experts can help facilitate this.